The formulas used in the calculations are:
\[ \text{Labor Force} = \text{Employed} + \text{Unemployed} \]
\[ \text{Unemployment Rate} = \left( \frac{\text{Unemployed}}{\text{Labor Force}} \right) \times 100 \]
\[ \text{Labor Force Participation Rate} = \left( \frac{\text{Labor Force}}{\text{Adult Population}} \right) \times 100 \]
This calculator computes the unemployment rate and labor force participation rate based on the input values of the number of people employed, number of people unemployed, and adult population.
Let's assume the following:
Calculate the labor force:
\[ \text{Labor Force} = 5,500,000 + 750,000 = 6,250,000 \]
Calculate the unemployment rate:
\[ \text{Unemployment Rate} = \left( \frac{750,000}{6,250,000} \right) \times 100 = 12\% \]
Calculate the labor force participation rate:
\[ \text{Labor Force Participation Rate} = \left( \frac{6,250,000}{7,250,000} \right) \times 100 = 86.2\% \]
